Barely a day after announcing a price increase, the Bangladesh Jewellers Association (BAJUS) reversed its decision on Tuesday by significantly reducing the market rates for both gold and silver.

According to an official notification issued in the morning, the cost of high-quality 22-carat gold has been dropped by BDT 2,216 per bhori. With this adjustment, which took effect nationwide at 10 am, the new VAT-inclusive price for the premium metal now stands at BDT 2,20,858.

The downward revision applies across all gold categories. The price of 21-carat gold has been decreased by BDT 2,100, bringing it down to BDT 2,10,943 per bhori.

Simultaneously, 18-carat gold saw a reduction of BDT 1,750, pricing it at BDT 1,81,200 per bhori, while traditional or Sanatan gold was cut by BDT 1,458, setting its new rate at BDT 1,48,016.

Precious silver followed a similar downward trajectory. The rate for 22-carat silver ornaments was reduced by BDT 59, bringing it to BDT 4,607 per bhori.

In addition, 21-carat silver dropped by BDT 175 to settle at BDT 4,374, whereas both 18-carat and traditional silver experienced a decrease of BDT 116, bringing their new per-bhori rates to BDT 3,791 and BDT 2,858, respectively.

In its directive, BAJUS clarified that these revised tariffs will remain strictly enforced across all jewellery showrooms until a fresh announcement is made.

However, the association noted that crafting or making charges will continue to vary depending on the intricacy of the ornament's design.

The jewellery regulatory body issued a strict reminder to retailers that Value Added Tax (VAT) is already factored into the newly published selling prices.

Consequently, businesses are strictly prohibited from charging customers any additional VAT on top of the listed price.

BAJUS also emphasized that all pre-existing regulations concerning VAT, making charges, and stone weight deductions will remain entirely unchanged during the purchase or exchange of jewellery.

Tuesday's sudden price drop completely offsets the market adjustment made just one day prior.

On Monday, BAJUS had briefly elevated the price of 22-carat gold by BDT 2,216 per bhori, temporarily pushing the rate to BDT 2,23,074 before pulling it back down the following morning.